Time in the arena is the biggest moat imo - really just a form of network effect. You can fork the code but the track record stays with the original. If I'm looking to earn on stables, a new venue has to pay me a material spread over Aave purely to compensate for the years of not blowing up - which is the key moat. That moat widens imo as the market institutionalises - they will price untested counterparty risk far more explicitly than crypto natives.
Richard GalvinShare
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